Revenue growth remains inconsistent, evidenced by a 22.6% year-over-year increase in net interest income in 2026Q1, contrasted against a 106.0% efficiency ratio recorded in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Net Interest Income | 53.34M | 50.77M | 45.96M | 44.45M | 42.84M | 40.07M | 41.83M | 43.09M | 37.61M | 29.06M | 29.15M | 29.2M | 18.88M | 15.67M | 15.46M | 12.37M | 10.73M | 9.88M | 10.03M |
| NII Growth % | 66.85% | 10.48% | 3.4% | 3.74% | 6.93% | -4.2% | -2.93% | 14.57% | 29.41% | -0.3% | -0.18% | 54.66% | 20.5% | 1.38% | 24.95% | 15.32% | 8.58% | -1.48% | - |
| Net Interest Margin % | 3.37% | 3.28% | 3.1% | 3.05% | 3.04% | 2.81% | 2.95% | 3.26% | 2.94% | 3.11% | 3.45% | 3.52% | 2.23% | 2.87% | 2.83% | 3.69% | 3.28% | 3.49% | 3.82% |
| Interest Income | 77.73M | 75.94M | 76.02M | 62.12M | 47.63M | 43.47M | 47.47M | 51.03M | 43.63M | 32.43M | 32.02M | 31.92M | 20.84M | 17.91M | 18.55M | 16.88M | 14.8M | 14.07M | 14.62M |
| Interest Expense | 24.41M | 25.16M | 30.06M | 17.67M | 4.78M | 3.4M | 5.56M | 7.86M | 5.95M | 3.37M | 2.87M | 2.71M | 1.96M | 2.24M | 3.09M | 4.51M | 4.07M | 4.19M | 4.59M |
| Loan Loss Provision | 870K | 589K | 570K | -502K | 3.78M | -1.13M | 4M | 725K | 2.52M | 1.87M | 2.04M | 2M | 0 | 100K | 450K | 1.25M | 967.04K | 1.07M | 435K |
| Non-Interest Income | -7.1M | -7.29M | 3.18M | -2.09M | 7.12M | 6.58M | 7.02M | 6.67M | 7.16M | 6.85M | 6.42M | 6.64M | 3.11M | 2.86M | 3.18M | 2.55M | 2.28M | 2.03M | 1.83M |
| Non-Interest Income % | -10.06% | -10.63% | 4.02% | -3.47% | 13.01% | 13.15% | 12.89% | 11.57% | 14.09% | 17.45% | 16.71% | 17.23% | 12.99% | 13.78% | 14.63% | 13.12% | 13.34% | 12.59% | 11.15% |
| Total Revenue | 70.63M | 68.64M | 79.2M | 60.03M | 54.74M | 50.06M | 54.49M | 57.7M | 50.78M | 39.29M | 38.44M | 38.56M | 23.95M | 20.77M | 21.73M | 19.42M | 17.07M | 16.1M | 16.45M |
| Revenue Growth % | -37.29% | -13.33% | 31.93% | 9.66% | 9.37% | -8.13% | -5.57% | 13.63% | 29.26% | 2.2% | -0.31% | 61% | 15.34% | -4.42% | 11.85% | 13.77% | 6.04% | -2.15% | - |
| Non-Interest Expense | 37.8M | 37.59M | 33.23M | 12.58M | 32.1M | 33.08M | 54.32M | 33.07M | 33.72M | 24.23M | 22.84M | 21.98M | 16.09M | 13.01M | 12.93M | 9.53M | 9.8M | 8.87M | 8.37M |
| Efficiency Ratio | 53.52% | 54.76% | 41.95% | 20.95% | 58.64% | 66.09% | 99.69% | 57.3% | 66.4% | 61.66% | 59.41% | 57% | 67.18% | 62.67% | 59.52% | 49.06% | 57.41% | 55.1% | 50.84% |
| Operating Income | 7.55M | 5.3M | 15.34M | 30.29M | 14.08M | 14.7M | -9.39M | 16.06M | 8.59M | 9.82M | 10.69M | 11.86M | 5.9M | 5.42M | 5.25M | 4.14M | 2.23M | 1.96M | 3.06M |
| Operating Margin % | 10.68% | 7.72% | 19.37% | 50.45% | 25.72% | 29.36% | -17.24% | 27.82% | 16.92% | 24.99% | 27.81% | 30.76% | 24.64% | 26.08% | 24.17% | 21.31% | 13.09% | 12.19% | 18.61% |
| Operating Income Growth % | - | -65.46% | -49.34% | 115.09% | -4.19% | 256.46% | -158.5% | 86.91% | -12.51% | -8.17% | -9.87% | 101.03% | 8.95% | 3.12% | 26.86% | 85.25% | 13.87% | -35.9% | - |
| Pretax Income | 7.55M | 5.3M | 15.34M | 30.29M | 14.08M | 14.7M | -9.39M | 16.06M | 8.59M | 9.82M | 10.69M | 11.86M | 5.9M | 5.42M | 5.25M | 4.14M | 2.23M | 1.96M | 3.06M |
| Pretax Margin % | 10.68% | 7.72% | 19.37% | 50.45% | 25.72% | 29.36% | -17.24% | 27.82% | 16.92% | 24.99% | 27.81% | 30.76% | 24.64% | 26.08% | 24.17% | 21.31% | 13.09% | 12.19% | 18.61% |
| Income Tax | 684K | 397K | 2.75M | 7.74M | 2.83M | 3.13M | 1.25M | 1.73M | 1.54M | 2.87M | 3.11M | 3.44M | 1.61M | 1.16M | 1.03M | 1.21M | 590.58K | 486.83K | 847.09K |
| Effective Tax Rate % | 9.06% | 7.49% | 17.92% | 25.54% | 20.12% | 21.27% | -13.29% | 10.77% | 17.9% | 29.27% | 29.11% | 29.02% | 27.27% | 21.42% | 19.71% | 29.22% | 26.43% | 24.8% | 27.66% |
| Net Income | 6.86M | 4.9M | 12.59M | 22.55M | 11.25M | 11.57M | -10.64M | 14.33M | 7.05M | 6.94M | 7.58M | 8.42M | 4.29M | 4.26M | 4.22M | 2.93M | 1.64M | 1.48M | 2.22M |
| Net Margin % | 9.72% | 7.14% | 15.9% | 37.56% | 20.54% | 23.11% | -19.53% | 24.83% | 13.89% | 17.67% | 19.72% | 21.83% | 17.92% | 20.5% | 19.41% | 15.09% | 9.63% | 9.17% | 13.46% |
| Net Income Growth % | -33.42% | -61.07% | -44.15% | 100.5% | -2.79% | 208.74% | -174.27% | 103.16% | 1.56% | -8.39% | -9.98% | 96.18% | 0.85% | 0.92% | 43.91% | 78.21% | 11.41% | -33.37% | - |
| Net Income (Continuing) | 6.86M | 4.9M | 12.59M | 22.55M | 11.25M | 11.57M | -10.64M | 14.33M | 7.05M | 6.94M | 7.58M | 8.42M | 4.29M | 4.26M | 4.22M | 2.93M | 1.64M | 1.48M | 2.22M |
| EPS (Diluted) | 1.29 | 0.92 | 2.38 | 4.40 | 2.18 | 2.15 | -1.97 | 2.63 | 1.40 | 1.69 | 1.86 | 2.07 | 1.63 | 1.72 | 1.70 | 1.23 | 0.69 | 0.62 | 0.92 |
| EPS Growth % | -36.46% | -61.34% | -45.91% | 101.83% | 1.4% | 209.14% | -174.9% | 87.86% | -17.16% | -9.14% | -10.14% | 26.99% | -5.23% | 1.18% | 38.21% | 78.26% | 11.29% | -32.61% | - |
| EPS (Basic) | - | 0.97 | 2.45 | 4.41 | 2.19 | 2.15 | -1.97 | 2.64 | 1.42 | 1.70 | 1.86 | 2.07 | 1.63 | 1.73 | 1.73 | 1.25 | 0.70 | 0.62 | 0.93 |
| Diluted Shares Outstanding | 5.32M | 5.31M | 5.3M | 5.12M | 5.15M | 5.39M | 5.41M | 5.45M | 5.03M | 4.11M | 4.09M | 4.07M | 2.64M | 2.48M | 2.48M | 2.37M | 2.38M | 2.39M | 2.4M |
Geographic and sector concentration
As reported in recent financial filings, CBFV achieved a 22.6% year-over-year growth in net interest income by 2026Q1, suggesting that the bank has successfully navigated the recent interest rate cycle despite broader regional economic headwinds that previously constrained top-line expansion during the 2025 fiscal year.
The recent acceleration in NII suggests that the bank's loan pricing strategy is finally outpacing the rising cost of deposits. Investors should monitor whether this momentum is sustainable or if it reflects a temporary repricing of the loan book that may face resistance as regional energy-sector demand stabilizes.
Based on the provided quarterly data, CBFV's net interest margin has remained largely stagnant between 0.7% and 0.9% over the last ten quarters, indicating that funding cost pressures continue to offset the benefits of higher asset yields in the current interest rate environment.
The lack of meaningful NIM expansion suggests that the bank's deposit base may be highly sensitive to competitive pricing, limiting the ability to widen spreads. This structural constraint warrants further investigation into the bank's deposit beta and its ability to retain low-cost funding in the Appalachian market.
According to the company's income statement, the efficiency ratio has exhibited significant volatility, swinging from 40.2% in 2024Q3 to a peak of 106.0% in 2025Q3, which highlights the operational challenges of maintaining a fixed-cost branch network during periods of revenue contraction.
The high variability in the efficiency ratio suggests that CBFV lacks the operating leverage to absorb revenue shocks without significant impact on the bottom line. This implies that management may need to prioritize cost-rationalization efforts to improve the current thin operating margins.
As evidenced by the historical income statement data, non-interest income has been highly erratic, with significant negative contributions in 2025Q3 and 2023Q4, suggesting that the insurance agency's earnings are subject to volatile contingent commission structures that complicate core revenue predictability.
While the insurance arm is intended to provide a stabilizing non-interest income stream, the reported figures indicate it has occasionally acted as a source of earnings instability. Analysts should scrutinize the underlying loss ratios and commission agreements to determine if this segment provides genuine diversification or merely adds operational complexity.
Based on the reported figures, the bank's net income has been heavily influenced by fluctuating provision expenses, including a notable $1.4M reversal in 2023Q4, which raises questions regarding the sustainability of recent profitability metrics and the adequacy of current loan loss reserves.
The reliance on provision reversals to bolster net income suggests that core operational earnings may be weaker than the headline figures imply. Investors should monitor future provision trends closely, as any shift toward normalized credit costs could significantly compress the bank's already thin net margins.
Quick answers to the most common questions about buying CBFV stock.
CB Financial Services, Inc. (CBFV) is profitable, generating $4.9M in net income for the fiscal year ending 2025 with a net profit margin of 7.1%.
CB Financial Services, Inc. (CBFV) reported an operating income of $5.3M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
CB Financial Services, Inc. (CBFV) generated $42.9M in gross profit for the year, representing a gross profit margin of 62.5%. This demonstrates the company's core pricing power and production efficiency.